Which of the Following Accounts Should Not Be Closed to Income

question 114

Multiple Choice

Which of the following accounts should not be closed to Income Summary at the end of the fiscal year?

• A)Salaries Expense
• B)Fees Earned
• C)Utilities Expense
• D)Withdrawals

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Definitions:

WACC

Weighted Average Cost of Capital; a calculation used to estimate the cost of financing a company's assets, blending debt and equity costs.

MIRR

Modified Internal Rate of Return, which adjusts for the differences in reinvestment rates of a project's cash flows.

Project

A temporary endeavor undertaken to create a unique product, service, or result with defined objectives and constraints.

WACC

Weighted Average Cost of Capital; a measure used to calculate the average cost of a company's financing sources, including equity and debt.